The CEO of mining and trading giant Glencore stated during a visit to Nigeria’s minister of solid minerals on Thursday that the company will invest in the country’s mining sector if the government maintains a stable economic environment. According to a report by Reuters The visit takes place as Nigeria tries to attract international investment to its underdeveloped mining industry.
CEO of the Glencore Group Gary Nagle stated, “We are looking at opportunities to invest in the mining sector with emphasis on nickel, cobalt, zinc amongst others,” Glencore group CEO Gary Nagle said. Citing changes and ongoing attempts to clean up the sector, Nigeria is ready to welcome foreign major players into its mining sector, according to Dele Alake, Minister of Solid Minerals Development. “We want you to come here and invest because we have a preponderance of critical minerals like Lithium, gold, zinc and nickel amongst others that are in high demand globally”
According to Alake. Nigeria is providing incentives to investors in the form of tax waivers, complete profit repatriation, and enhanced governance.
Nigeria has historically faced difficulties in deriving value from its abundant mineral resources as a result of disregard and low investment. Through reforms, the Tinubu government hopes to alter this narrative.
In an effort to stop illicit mining, the government recently cancelled dormant licenses, said that it would only issue new mining permits to businesses that process minerals locally, opened new tabs, and established a security force.
Nigeria, The leading oil producer in Africa is also a major source of coal, limestone, zinc, cobalt, and lithium.
